Narendra Modi at India Korea Business Summit 2018
Prime Minister Narendra Modi in his speech at India Korea Business Summit 2018 said that the country is prepared for business and is now transformed as a free destination for enterprise in order to attract new investments to India. Addressing the Second India-Korea Business Summit, PM Modi remarked that the country is looking forward with a new startup ecosystem in place. He mentioned about India climbing 42 places in the World Bank’s Ease of Doing Business Index in the last three years. He added the movement upwards 19 places on the Logistics Performance Index of 2016 of World Bank, improvement of 31 places in last two years in the Global Competitiveness Index of the World Economic Forum, moving up 21 places on the Global Innovation Index of WIPO in two years, and being among the top 10 FDI destinations listed by UNCTAD.
PM Modi highlighted the measures and reforms taken by his regime and added that over the last two years, the country has transitioned to low tax regime on corporate side from 30 percent to 25 percent for new investments and smaller ventures. The Prime Minister invited Korean investments in India in railways, water, transport, energy, electronics, IT and infrastructure. Shri Suresh Prabhu, Union Commerce and Industry Minister stressed the importance of the three offerings of India. These include democracy, demography and demand. Mr. Prabhu highlighted the latest reforms undertaken by the Government of India, the Make in India initiative and India’s achievement in global ranking.